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Chinese developer Country Garden Holdings Co., one of the biggest symbols of the nation’s broader property debt crisis, won approval to push back payments on three yuan bonds, people familiar with the matter said, staving off its first local default for now.
Iron ore climbed to the highest level in seven weeks as Fortescue Ltd., the fourth-biggest producer, said full-year shipments are likely to be at the lower end of guidance after disruptions hit supplies at mines in Western Australia.
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Uniti Group Inc. is in advanced talks to reunite with telecommunications provider Windstream in a merger that could be valued at up to $15 billion, including debt, according to people familiar with the matter. Uniti rose as much as 13%.
Feb 23, 2021
, Bloomberg News
Home prices in 20 U.S. cities surged in December, with low mortgage rates fueling the housing market.
The S&P CoreLogic Case-Shiller index of property values climbed 10.1 per cent from a year earlier, beating the median estimate of 9.9 per cent in a Bloomberg survey of economists. It followed a 9.2 per cent gain in November and was the biggest jump since 2014.
Phoenix, San Diego and Seattle posted the biggest gains in prices, according to a press release on Tuesday. Nationally, the Case-Shiller index jumped 10.4 per cent in December, also the biggest surge since 2014.
Historically low mortgage rates have fueled a pandemic housing rally, with a scant inventory of homes to buy helping to boost prices.
December was the fourth straight month that prices gained the most since 2014. The rally started in July and picked up steam in the final months of 2020, with Americans looking to take advantage of low borrowing costs to buy suburban homes.
“These data are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes,” said Craig Lazzara, global head of index investment strategy at S&P Dow Jones Indices.
Prices gained 14.4 per cent in Phoenix, leading all cities for the 19th straight. In the West, the overall gain was 10.8 per cent.
Data for Detroit were excluded because of pandemic-related reporting delays.
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